Russia’s Rosneft, the new promoter of Essar Oil, plans to double throughput of the Vadinar refinery and create petrochemical facility in the long term, said a company spokesperson.
Besides, it intends to increase the number of fuel retail outlets to 5,500 from current 3,500 stations in the medium term.
Rosneft, along with Trafigura-UCP consortium, has just concluded acquisition of 98.26 per cent stake in the Indian oil company.
While the deal has given the Russian company and its partners access to India’s thriving fuel market, Essar will be able to reduce group’s debt by Rs 70,000 crore by using proceeds from stake sale.
Essar Oil owns India’s second largest refinery in the private sector with capacity to process 400,000 barrels per day of oil.
“A long-term plan is to double the throughput of the refinery and to create a petrochemical facility. However, we can speak about the specific plans only when the company’s strategy has been examined and endorsed by the board,” the spokesman said.